生猪：被动累库，现货阴跌

Group 1: Report Summary - The report is about the pig futures market on March 12, 2026, with the theme of "Passive inventory accumulation and spot price decline in the pig market" [1] Group 2: Industry Investment Rating - Not provided Group 3: Core View - The trend strength of the pig market is -1, indicating a bearish view, with a range of [-2, 2], where -2 is the most bearish and 2 is the most bullish [3] Group 4: Key Data Spot Prices - Henan spot price is 10,230 yuan/ton, Sichuan spot price is 10,250 yuan/ton, and Guangdong spot price is 10,460 yuan/ton [2] Futures Prices - Pig 2605 is 11,170 yuan/ton (down 10% year - on - year), Pig 2607 is 12,310 yuan/ton (up 25% year - on - year), and Pig 2609 is 13,185 yuan/ton (down 15% year - on - year) [2] Futures Trading Volume and Open Interest - Pig 2605 trading volume is 64,206 lots (down 4,897 from the previous day), open interest is 186,980 lots (up 4,634 from the previous day); Pig 2607 trading volume is 9,932 lots (up 2,118 from the previous day), open interest is 61,212 lots (up 1,104 from the previous day); Pig 2609 trading volume is 9,681 lots (down 1,195 from the previous day), open interest is 56,697 lots (up 1,490 from the previous day) [2] Price Spreads - Pig 2605 basis is -940 yuan/ton (up 10% year - on - year), Pig 2607 basis is -2,080 yuan/ton (down 25% year - on - year), Pig 2609 basis is -2,955 yuan/ton (up 15% year - on - year); Pig 5 - 7 spread is -1,140 yuan/ton (down 35% year - on - year), Pig 7 - 9 spread is -875 yuan/ton (up 40% year - on - year) [2]